Rupee ends low by six paise at 42.93 against USD

Mumbai, July 14 (UNI) The spot Rupee today ended lower at 42.93/94 against the US Dollar with a modest loss of six paise from its last close of 42.87 due to dollar purchases by Importers and Nationalised banks.

Rupee drifted lower as traders bought dollars locally to arbitrage in offshore markets and cash in on the high rate differential.

Rupee ended at 42.93/94 per dollar, off a low of 42.99 but 0.1 percent weaker than Friday's close of 42.87/88. It hit a 15-month low of 43.50 early this month. It resumed high at 42.85 and later it fluctuatated in a wide range between 42.77 and 42.99 during the session.

However, The Reserve Bank of India (RBI) today fixed the reference rate for US Dollar at Rs 42.82 per unit, up ten paise against Friday's rate of 42.72 per USD.

The six-month and annualised forward premium was quoted lower at 5.07 (5.19) per cent and 4.41 (4.52)) per cent, respectively, on sustained demand for dollars in the currency market.

Rupee ended the day weaker at 67.88/90 (67.68/70) per unit against the Euro. However, it closed stronger at 85.12/14 (84.70/72) per unit against the Pound Sterling, while Rupee ended at 40.10/12 (40.22/23) per hundred units against the Japanese Yen.

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